Request Supports XSGD, Digital Singapore Dollar, Issued by Xfers

April 29, 2021

We’re pleased to announce our collaboration with StraitsX by Xfers to support their digital Singapore dollar, XSGD (ERC-20) as another currency available now on Request Invoicing.

The XSGD was introduced in October 2020, and since then their Singapore dollar-pegged stablecoin has gained notable traction with more than 60k of transaction volume and 500+ million of payment amount in XSGD so far, as mentioned on their website. They’ve been working hard with various partners to bring XSGD support to different applications–and we couldn’t be more excited to be a part of it.

This collaboration raises mutual benefits for Request, StraitsX by Xfers and the users of XSGD. Request gains more exposure to the Singaporean and Southeast Asian market in providing a way to create, store, and access invoices and receipts on the universal network built by Request.

Generally, any user can now issue invoices to request XSGD by using Request Invoicing. Companies and businesses who wish to accept XSGD as a form of payment can now provide their clients invoices in XSGD in a professional and compliant manner.

More than 300 businesses are already using the 9-month-old product, Request Invoicing, regularly. Notable companies in the blockchain industry including Maker, Gnosis, Aave, Ocean and Near foundation use Request to manage their financial flows, especially with inbound and outbound payments in cryptocurrencies.

About XSGD

Launched in October 2020, XSGD is backed 1:1 with the Singapore Dollar (SGD) and issued by Xfers, which holds a Major Payment Institution licence by the Monetary Authority of Singapore (MAS) for e-money issuance. XSGD is available on both the Ethereum (as an ERC-20 Token) and Zilliqa (as a ZRC-2 Token) blockchains and it is the largest stablecoin by market capitalization in Southeast Asia. XSGD enables transactions to be settled instantly 24/7 in a trusted and secure manner without the need for a 3rd party clearing agent. XSGD is always convertible at a 1:1 rate on the Xfers platform. Each XSGD token is backed by one Singapore-Dollar that is being held and safeguarded in segregated accounts with a licensed financial institution. The smart contracts for XSGD on both Ethereum and Zilliqa have been audited by Quantstamp.

About StraitsX by Xfers

StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia developed by Singapore-based FinTech Xfers, a Major Payment Institution licensed by the Monetary Authority of Singapore for e-money issuance. StraitsX offers personal and business accounts to deposit, hold and withdraw funds through wire transfers and the Singapore Dollar-backed stablecoin, XSGD. Business accounts can also access B2B API-enabled payments rails enabling near-instant settlement for funds collection and disbursements.

Learn more about StraitsX here: https://www.xfers.com/sg/straitsx

About Request

Request (REQ) is a blockchain-based suite of financial applications dedicated to crypto-first companies. Request Invoicing allows anyone from freelancers to small businesses and organizations to create, store and access invoices and receipts in a universal, decentralized network. Request aims to become the leading financial dApps to power DAOs, blockchain-based companies and contractors with transactions and payment requests in the DeFi ecosystem.

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